Connetics Completes Acquisition of Soltec Research Pty Ltd

PALO ALTO, Calif., April 23 /PRNewswire Interactive Press Release/ --
Connetics Corporation (Nasdaq: CNCT) today announced that it has completed the
acquisition of Soltec Research Pty Ltd, a division of Australia-based F.H.
Faulding & Co Limited. Connetics has acquired all of Soltec's issued capital
for Australian $32 million. On March 21, 2001, Connetics announced the
agreement to acquire Soltec.
Connetics' two marketed dermatology products and current development
programs are based on technology developed by Soltec. Soltec has been
developing innovative delivery systems for new dermatology products for over
10 years, and has leveraged its broad range of drug delivery technologies by
entering into license agreements with dermatology companies around the world.
Those license agreements bear royalties payable to Soltec for currently
marketed products, as well as potential future royalties for products under
development.
"We are delighted to have Soltec join Connetics," said Thomas G. Wiggans,
President and CEO of Connetics. "This is a strategically important and
tremendously exciting transaction for us. We have secured worldwide rights to
broad and innovative topical delivery technologies. We now fully own our
existing dermatology products and have an increased ability to develop new
proprietary products. In addition, we are integrating a profitable operating
company that will be accretive to earnings. This deal squarely reinforces our
commitment to building the leading company serving the dermatology specialty."
By acquiring Soltec, Connetics will gain worldwide rights to a number of
unique topical delivery systems, including several distinctive aerosol foams
including aqueous-, ethanol- and petrolatum-based foams. These new aerosol
foams may present product opportunities similar to Connetics' foam delivery
system for Luxiq(R) and OLUX(TM). In addition, Connetics will own worldwide
rights to Liquipatch(TM), a gel-matrix delivery system that applies to the
skin like a normal gel and dries to form a very thin, invisible,
water-resistant film. This film enables a controlled release of the active
agent to provide longer relief, while potentially being less irritating.
Consolidating the rights to these technologies enables Connetics to populate
its own product development portfolio, as well as pursue business development
agreements with other pharmaceutical companies.
About Connetics
Connetics Corporation, headquartered in Palo Alto, California, is a
biopharmaceutical company focused on the development and commercialization of
novel therapeutics for the dermatology market and on the development of
recombinant human relaxin for multiple indications. For more information about
Connetics and its products, please visit Connetics' Web Site at
www.connetics.com, or send e-mail to ir@connetics.com.
Except for the historical information contained herein, this press release
contains forward-looking statements concerning Connetics' product development,
commercialization capabilities, corporate revenue and profit, that involve
risks and uncertainties. All forward-looking statements and other information
included in this press release are based on information available to Connetics
as of the date hereof, and Connetics assumes no obligation to update any such
forward-looking statements or information. Connetics' actual results could
differ materially from those described in the forward-looking statements.
Factors that could cause or contribute to such differences include, but are
not limited to, risks and other factors that are discussed in documents filed
by Connetics with the Securities and Exchange Commission from time to time,
including Connetics' most recently filed Annual Report on Form 10-K. The
significant risks include, but are not limited to, the uncertainty of success
of Connetics' efforts in research, development, commercialization and product
acceptance, as well as the uncertainties associated with the protection of
Connetics' proprietary rights, the lengthy and expensive regulatory process
and competition from other products.
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SOURCE Connetics Corporation

PALO ALTO, Calif., April 23 /PRNewswire Interactive Press Release/ --
Connetics Corporation (Nasdaq: CNCT) today announced that it has completed the
acquisition of Soltec Research Pty Ltd, a division of Australia-based F.H.
Faulding & Co Limited. Connetics has acquired all of Soltec's issued capital
for Australian $32 million. On March 21, 2001, Connetics announced the
agreement to acquire Soltec.
Connetics' two marketed dermatology products and current development
programs are based on technology developed by Soltec. Soltec has been
developing innovative delivery systems for new dermatology products for over
10 years, and has leveraged its broad range of drug delivery technologies by
entering into license agreements with dermatology companies around the world.
Those license agreements bear royalties payable to Soltec for currently
marketed products, as well as potential future royalties for products under
development.
"We are delighted to have Soltec join Connetics," said Thomas G. Wiggans,
President and CEO of Connetics. "This is a strategically important and
tremendously exciting transaction for us. We have secured worldwide rights to
broad and innovative topical delivery technologies. We now fully own our
existing dermatology products and have an increased ability to develop new
proprietary products. In addition, we are integrating a profitable operating
company that will be accretive to earnings. This deal squarely reinforces our
commitment to building the leading company serving the dermatology specialty."
By acquiring Soltec, Connetics will gain worldwide rights to a number of
unique topical delivery systems, including several distinctive aerosol foams
including aqueous-, ethanol- and petrolatum-based foams. These new aerosol
foams may present product opportunities similar to Connetics' foam delivery
system for Luxiq(R) and OLUX(TM). In addition, Connetics will own worldwide
rights to Liquipatch(TM), a gel-matrix delivery system that applies to the
skin like a normal gel and dries to form a very thin, invisible,
water-resistant film. This film enables a controlled release of the active
agent to provide longer relief, while potentially being less irritating.
Consolidating the rights to these technologies enables Connetics to populate
its own product development portfolio, as well as pursue business development
agreements with other pharmaceutical companies.
About Connetics
Connetics Corporation, headquartered in Palo Alto, California, is a
biopharmaceutical company focused on the development and commercialization of
novel therapeutics for the dermatology market and on the development of
recombinant human relaxin for multiple indications. For more information about
Connetics and its products, please visit Connetics' Web Site at
www.connetics.com, or send e-mail to ir@connetics.com.
Except for the historical information contained herein, this press release
contains forward-looking statements concerning Connetics' product development,
commercialization capabilities, corporate revenue and profit, that involve
risks and uncertainties. All forward-looking statements and other information
included in this press release are based on information available to Connetics
as of the date hereof, and Connetics assumes no obligation to update any such
forward-looking statements or information. Connetics' actual results could
differ materially from those described in the forward-looking statements.
Factors that could cause or contribute to such differences include, but are
not limited to, risks and other factors that are discussed in documents filed
by Connetics with the Securities and Exchange Commission from time to time,
including Connetics' most recently filed Annual Report on Form 10-K. The
significant risks include, but are not limited to, the uncertainty of success
of Connetics' efforts in research, development, commercialization and product
acceptance, as well as the uncertainties associated with the protection of
Connetics' proprietary rights, the lengthy and expensive regulatory process
and competition from other products.
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http://tbutton.prnewswire.com/prn/11690X79945761
SOURCE Connetics Corporation